Apollo Global Management is said to be participating in the Celsius Bid

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Apollo Global Management, an asset management firm, appears to be involved in one of the bids for Celsius.

According to CoinDesk, which quoted an unnamed source, the corporation is one of the investors in NovaWulf’s offer for the bankrupt cryptocurrency lender.

According to Celsius in a tweet on April 29, Fahrenheit, the Blockchain Investment Recovery Committee, and NovaWulf were the three organizations that engaged in the bidding process.

According to CoinDesk, which quoted an investor presentation that does not identify Apollo, investors will get a tiered management fee and an incentive fee if NovaWulf’s bid is picked as the winner.

According to the report, Apollo’s involvement in the transaction is remarkable since traditional financial behemoths like Apollo normally do not seek to purchase the assets of crypto sector businesses that have declared bankruptcy in the preceding year.

Celsius shut off client accounts in July 2022, one month before filing for Chapter 11 bankruptcy protection.

The company rose to prominence in the crypto lending market by promising big returns while claiming it was less risky than a typical bank. However, it got into trouble when it began offering big loans to crypto depositors with insufficient collateral as security.